MasTec buys large Canadian contractor
06/30/2014 12:20 PM
06/30/2014 12:22 PM
MasTec acquired Pacer Construction Holdings Corp., one of the largest infrastructure contractors in the Canadian oil sands, the Miami-based company announced on Monday.
The publicly traded MasTec is an infrastructure construction company operating mainly throughout North America across a range of industries. Pacer, based in Calgary, Alberta, Canada, has about 1,600 employees and focuses on infrastructure construction supporting the oil and gas production and processing, mining and transportation industries.
MasTec acquired all of the issued and outstanding equity interests of Pacer for approximately $126 million in cash plus a 5-year contingent earn-out, MasTec said in its news release. At closing, Pacer had approximately $54 million in tangible net worth (including $87 million of debt).
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